Finance’s outsiders?: networks, knowledge, and power beyond the City

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Description/Abstract

Contemporary research on the credit crunch has often been framed through global narratives. Although these studies recognize the spread of the US subprime crisis to different nation-states, research by geographers and social scientists which explicitly examine how the crisis unfolded at different spatial scales has been limited. This article seeks to provide new insight into how regional financial spaces became connected to global financial networks. Specifically, this article investigates the deepening of relations between ‘peripheral’ and global spaces, through the social production and securitization of residential mortgages. It argues that the formation of new powerful communities of practice and the development of project ecologies to securitize mortgages enabled the cultivation of temporal trans-local relationships, exposing British mortgage lenders to the credit crunch.